Norway-based Self Storage Group has received a 3.79 billion Norwegian kroner ($351.6 million USD) takeover offer from T-C Storage HoldCo, an indirect subsidiary of Teachers Insurance and Annuity Association (TIAA), advised by Nuveen Asset Management Europe. The recommended bid sees Self Storage Group shareholders offered NOK40 a share in cash, representing a premium of 67 percent over its closing price on Sept. 19. Shareholders representing 70.51 percent of the outstanding shares have undertaken to accept the offer.
“TIAA is a major owner of self-storage in the U.S. and Europe, having invested in the sector for more than 20 years,” said Mario Pello, head of TIAA general account, Europe at Nuveen Real Estate. “Through the acquisition of the company, we will create a unique pan-Nordic platform with market-leading positions in Norway and Sweden—two of our high-conviction markets—with scope to expand further into Denmark.”